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MARGINAL UTILITY AND DEMAND: An explanation of the law of demand and the negatively-sloped demand curve can be found in the analysis of marginal utility and especially the law of diminishing marginal utility. This explanation rests on two propositions. One, the law of diminishing marginal utility means that the marginal utility obtained from consuming a good declines as the quantity consumed increases. Two, the marginal utility of a good underlies the demand price that buyers are willing and able to pay for a good. When combined, these two propositions indicate that the demand price buyers are willing and able to pay for a good declines as the quantity demanded (and consumed) increases. And this is the law of demand.

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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 19 of 22

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  • The nature of economic instability coming from the four basic sectors.
  • The nature of aggregate demand determinants as ceteris paribus factors that are initially assumed constant and aren't measured explicitly on our AD graph.
  • How an increase (or decrease) in aggregate demand is represented as a shift to the right (or left) and how this increase (or decrease) represents an increase (or decrease) in aggregate expenditures over a range of price levels.

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FOURTH RULE OF COMPETITION

The fourth of seven basic rules of the economy, stating that competition among market buyers and sellers generates an efficient allocation of resources. Competition depends on the relative number of buyers and sellers. The side of the market with fewer numbers generally has relatively less competition and more market control.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for broken fingernail clippers.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. "

-- Helen Keller, lecturer, author

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